Pandora to sell Ticketfly for $200 million

Pandora Media Inc.
P, -0.24%
announced Friday a $200 million deal to sell its Ticketfly business to Eventbrite, which includes $150 million in cash and a $50 million note payable to Pandora. The announcement comes after Sirius XM Holdings Inc.
SIRI, -1.09%
announced a deal to make a $480 million investment in Pandora, through the purchase of Series A preferred stock. Pandora said it expects the Ticketfly deal to close in the third-quarter of 2017. Separately, Pandora affirmed its second-quarter revenue outlook of $360 million to $375 million and its 2017 outlook of $1.50 billion to $1.65 billion. "Pandora is now poised to advance to the next stage of the company's lifecycle," said Pandora Director Tim Leiweke. "We are pleased that the conclusion of our strategic review resulted in a major investment by a world class company like SiriusXM, and with the sale of Ticketfly, we will now redouble our focus on execution supported by a strong balance sheet." The stock surged 3.9% in morning trade, but has tumbled 33% year to date, while the S&P 500
SPX, +0.01%
has gained 8.9%.

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